Cost of care will outstrip taxation, think-tank says

The government must foster a range of financial products to help individuals pay for care because single funding systems, such as general taxation, will be unable to meet future costs.

That is one of the messages from a report on older people’s social care that will be published on 8 December by think-tank the Resolution Foundation, which looks at how policies affect families just above the poverty line.

The foundation said projected falls in the ratio of workers to pensioners meant the amount that could be raised by taxation was limited. But it said differing care needs, resources and attitudes to risk would mean a single system for individual contributions, such as releasing equity from housing or taking out long-term care insurance, was likely to prove inadequate.

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